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BELGRADE (Serbia), May 4 (SeeNews) - The Serbian unit of global food giant Nestle said on Friday it signed an agreement to sell chocolate brand Cipiripi to Paracinka, a subsidiary of Serbian food distributor Silbo.
The transaction, which will have no effect on the workforce of Nestle Serbia, is expected to be completed in the second quarter of 2018 following approval by the relevant authorities, Nestle Serbia said in a statement.
The company did not disclose financial details of the deal.
"In Paracinka, a member of the Silbo distribution group, we have found an exceptional home for our Cipiripi confectionery brand, in which it will further progress. At the same time, this allows Nestle to focus on its globally recognised confectionary brands Kit Kat, Lion, Smarties and After Eight, in which we plan a strong future growth," the managing director of Nestle Adriatic, Yana Mikhailova, said.
The transaction is in line with the strategy of Nestle for the continuous revision of its portfolio of brands, according to the statement.
Silbo operates distribution centres in Belgrade and Nis and has 360 employees.